Mortgage rates climb for 2nd consecutive week

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Mortgage rates jumped for the second straight week, according to the Primary Mortgage Market Survey released by Freddie Mac for the week ending Oct. 12.

Rates for the 30-year fixed-rate mortgage averaged 3.91% with an average 0.5 point, an increase from the 3.85% average in the prior period. The week-over-week increase was the biggest for the mortgage type since July. The 30-year fixed-rate mortgage had an average rate of 3.47% in the same period last year.

The 15-year fixed-rate mortgage had an average rate of 3.21% with an average 0.5 point, rising from the 3.15% average in the prior week. The average rate for the mortgage was 2.76% in the same time a year ago. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.16% with an average 0.4 point, dipping from the previous 3.18% average. The mortgage averaged 2.82% in the same week a year ago.